IVA Offers Alternative to Bankruptcy
The IVA, or Individual Voluntary Arrangement, represents a better option than bankruptcy for the thousands of people suffering serious debt problems in the UK, says the Debt Help Site.
(PRWEB) November 22, 2005 -- With bankruptcies at record levels in the UK, the Debt Help Site is spreading the message that the IVA, or Individual Voluntary Arrangement, represents a better option for thousands in serious debt.
Personal bankruptcies rose by 32% in the third quarter of 2005 as 12,256 individuals were declared bankrupt.
Terry Galvin, editor of the Debt Help Site, believes this increase is partly due to a more relaxed attitude towards bankruptcy stemming from The Enterprise Act 2002 which made it possible to be discharged in under a year.
But the loss of assets and legal business restrictions that a bankrupt is subject to, not to mention the very public aspects of the process, make it far from an easy option for those suffering from chronic debt.
However, an IVA, arranged by an insolvency practitioner, can wipe out a large proportion of debts of £15,000 or over - sometimes 60% or more and halt or prevent legal action.
The remaining debt is settled through affordable monthly payments and debt-free status can be achieved in as little as five years.
And this all happens without the restrictions and loss of assets that go with bankruptcy.
Galvin says: "Serious debt is a problem for a lot of people in the UK, with the country's total personal debt now over £1 trillion.
"Many see bankruptcy as the only way out without realising there are other options.
"An IVA can be very effective in getting the debt under control and putting the debtor in a position where they can pay it off more easily."
For more information, visit http://www.debthelpsite.net
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